Tuttle Capital Management LLC Buys 496 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Tuttle Capital Management LLC boosted its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 34.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,933 shares of the real estate investment trust’s stock after buying an additional 496 shares during the period. AvalonBay Communities makes up about 2.5% of Tuttle Capital Management LLC’s investment portfolio, making the stock its 12th largest holding. Tuttle Capital Management LLC’s holdings in AvalonBay Communities were worth $425,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of AvalonBay Communities by 678.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,715,050 shares of the real estate investment trust’s stock valued at $386,315,000 after acquiring an additional 1,494,872 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in AvalonBay Communities during the 3rd quarter valued at about $581,960,000. State Street Corp increased its stake in AvalonBay Communities by 2.2% during the 3rd quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust’s stock valued at $2,097,971,000 after purchasing an additional 196,938 shares in the last quarter. SG Americas Securities LLC raised its holdings in AvalonBay Communities by 958.9% in the third quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock worth $38,882,000 after buying an additional 156,316 shares during the last quarter. Finally, Artemis Investment Management LLP bought a new position in shares of AvalonBay Communities in the third quarter worth approximately $29,256,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Insider Activity

In other news, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the sale, the director now directly owns 87,239 shares in the company, valued at $20,367,689.33. This trade represents a 21.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.42% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of NYSE AVB opened at $216.20 on Tuesday. AvalonBay Communities, Inc. has a 12-month low of $169.37 and a 12-month high of $239.29. The firm has a market capitalization of $30.75 billion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 3.30 and a beta of 0.99. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a 50 day moving average of $225.31 and a 200 day moving average of $220.42.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. During the same period in the previous year, the firm earned $2.66 EPS. On average, research analysts anticipate that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is currently 93.02%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AVB shares. Barclays initiated coverage on shares of AvalonBay Communities in a research report on Tuesday, December 17th. They set an “equal weight” rating and a $243.00 price target for the company. JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $247.00 to $262.00 in a report on Tuesday, December 17th. Mizuho raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and upped their price target for the company from $239.00 to $242.00 in a report on Monday, January 6th. Evercore ISI lifted their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada lowered their target price on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.53.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.